Overview of business in the Philippines

Overview of business in the Philippines

The second most populous country in Southeast Asia after Indonesia, the Philippines consistently has one of the fastest economic growth in the region and the world. With a high level of proficiency in English and a population eager to work abroad or with foreigners, the Philippines' economy is also rapidly advancing in global services and trade.

Map of the Philippines

Official country name: Republic of the Philippines

Capital: Manila

Total Area: 300,000 km²

Government: Unitary presidential constitutional republic

Currency: Peso, ₱ – PHP (Filipino: piso)

Drives on the: right

Calling Code: +63

Internet TLD: .ph

Demographics

Population: 100,981,437 (2015 Census)

Population Density: 336.60/km²

Official Languages: Filipino, English

HDI: 0.682 (medium)

Ethnic Groups: (2010)

33.8% Visayan

27.7% Tagalog

9.8% Ilocano

6.8% Bicolano

5.1% Moro

3.1% Kapampangan

1.7% Igorot

1.4% Pangasinense

1.2% Chinese

1.1% Zamboangueño

6.8% others

The Philippine business environment

Coat of arms of the Philippines

After decades of political difficulties and isolation, the Philippines has taken a turn for the better and undertaken a complete transformation of its politics and economy. Having capitalized on its population's proficiency with English language and overseas workers, and led by its largest companies, the Philippines has now become one of the world's most dynamic emerging market.

In support of the economic environment, taxes in the Philippines are relatively low compared to the rest of the world, though not as low as other countries of Southeast Asia.

Key sectors of the Philippines

The English proficiency of Filipinos has enabled the country to become a global leader for the Business Process Outsourcing - BPO - sector, even surpassing India. A key to the Philippines' economic growth, BPO brings large revenues and investments from abroad in the Philippines.

Besides, to cope with the country's particular sensitivity to disasters and environmental issues, the Philippines has resolutely engaged towards sustainability. Profiting from its natural subterranean resource, the Philippines has notably become a global leader in geothermal energy.

Main industries of the Philippines

electronics assembly

aerospace

business process outsourcing

food manufacturing

shipbuilding

chemicals

textiles

garments

metals

petroleum refining

fishing

rice

The Philippines' large and active digital population

With the second largest population in Southeast Asia behind Indonesia, the Philippines has one of the most active population on social media. Its large digital community and penetration of mobile devices provide a new medium to revolutionize underdeveloped industries like financial services and overseas Filipino workers remittances through new FinTech startups.

Numbers of Internet, social media and mobile users in the Philippines in 2018

The Philippines for professionals and work

With its tropical climate and friendly population, the Philippines provides a great environment for foreigners willing to work in the country. Salaries are not as high as in other countries of the region, but the authorities are committed to not only improve the country's economy but also to develop more sustainable cities, especially in Manila.

Philippines trade data

Though it is impacted by revenues from the Business Process Outsourcing sector, the Philippines' export rely a lot on commodities, but also on manufactures goods for the electronics, transport and garments sectors.

Exports: USD 58.827 Billion (2015 Estimate)

Export Goods:

semiconductors and electronic products

transport equipment

garments

copper products

petroleum products

coconut oil

fruits

Main Export Partners: (2013 Estimate)

Japan 21.3%

United States 14.7%

China 12.4%

Hong Kong 8.0%

Singapore 7.3%

South Korea 6.0%

Germany 4.1%

Taiwan 3.5%

Thailand 3.4%

Indonesia 3.1%

Imports: USD 71.067 Billion (2015 Estimate)

Import Goods:

electronic products

mineral fuels

machinery and transport equipment

iron and steel

textile fabrics

grains

chemicals

plastic

Main Import Partners: (2013 Estimate)

China 12.9%

United States 11.2%

Japan 8.4%

Taiwan 7.8%

South Korea 7.7%

Singapore 6.8%

Thailand 5.4%

Saudi Arabia 4.5%

Indonesia 4.5%

Germany 3.8%

Latest business resources for the Philippines

Second largest country in Southeast Asia, the Philippines is a large and rapidly developing market for e-commerce. With a low income but a high growth, the Philippines has a digital population of more than 67 million people which attracts both local and regional companies who compete against a dominant player. Continue reading →

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Some maps of the Philippines can be useful to illustrate ideas or projects for your website or blog, or to create your own maps. Here is a collection of copyright or royalty free, labelled and blank maps of the Philippines to be used directly as is, or to be elaborated upon to create beautiful modern maps to suit your purposes. Continue reading →

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The Philippines is one of the most populated countries in Southeast Asia with a very active digital population. The following Top 50 blogs from the Philippines was created to regroup the archipel’s most popular blogs and help anyone find and learn from these thought-leaders and trendsetters in the Philippines and the broader region. Continue reading →

Growing a company beyond its original country is a dream for many business owners and managers. Relating their experiences from expanding their businesses out of their original base in the Philippines, two business leaders share their stories, insights and tips for those interested in growing their companies abroad. Continue reading →

The Philippines has a large population and the particularity of an important community of overseas workers. Together they make the Philippines a particularly attractive market for financial technologies – FinTech – companies, be they startups or large companies, engaging to conquer already dynamic markets. Continue reading →

With its tropical environment and unique blend of indigenous and Western culture the Philippines regroups several sites classified in the UNESCO World Heritage Sites. Breath-taking rice terraces, colonial remains and a host of natural and marine parks make up the six sites recognized for their value to mankind in the Philippines. Continue reading →